Category Archives: yahoo

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World’s Fifth Largest Bank Joins Crypto Space with Digital Yen

Japan’s Mitsibushi UFC Financial group (MUFG), the world’s fifth-largest bank by assets, has announced it will trial its own digital currency as early as 2019, reports Cointelegraph.

The move, which dates back as far as 2016, sees the Japanese giant running out the coin, valued at one yen, to 100,000 account holders, according to Japanese broadcaster NHK.  The bank suggests that its MUFG coin will be usable in a number of retail outlets, bars, and restaurants, and will also be transferable to other participant’s accounts.

MUFG will be checking to see that it’s all working as intended and that settlements are carried out smoothly and securely. It is reportedly broadening the pilot by offering the currency to a variety of businesses in order to expand the test.

Japan has seen increased interest in digital currency from some of the country’s largest cooperations, with DMM’s announcement that it was ready to trade in cryptocurrency and, most significantly, Yahoo Japan’s announced 40% stake in BitARG, planned for later this year. The deal, worth between USD 18.5 million and USD 27.8 million, allows BitARG to operate a domestic trading platform under FSA rules, making it a viable investment opportunity for Yahoo.

The Japanese Central Bank continues to be wary of cryptocurrency, with numerous warnings issued to customers regarding the perils of dabbling in digital currency, even issuing a negative Q and A for customers earlier in the year in order to test public knowledge and warn about the risks of crime.

Also Japan-based global investment bank Nomura has just announced its latest project; to establish a custody offering for digital assets.  The new project aims at removing barriers to institutional cryptocurrency investment.

Although news regarding large banks like MUFG and companies such as Yahoo walking the crypto path serves to give some extra legitimacy to the Japanese cryptocurrency market, there are still those who feel the ethos of the industry has been somewhat altered. Many crypto enthusiasts feel that the creation of Bitcoin was a positive step towards bypassing the monopoly of institution banking after the financial turmoil of 2008.

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Yahoo Japan to Be 40% Stakeholder in Crypto Exchange

Yahoo Japan has announced plans to purchase a 40% minority stake in cryptocurrency exchange BitARG. The platform is headquartered in Tokyo, scheduled for launch later this year.

BitARG has accepted the offer from Yahoo Japan’s subsidiary, stating, ”As a result of this capital participation, the Company will be able to utilize the service operation and security expertise of the Yahoo Japan Group, which will make it easier for customers to prepare for the start of the exchange service managed by the Company and to improve the operation after the commencement. We will promote the provision of secure exchange services.”

Reuters has reported unofficial figures regarding the financial terms of the agreement, estimating the deal to be worth between USD 18.5 million and USD 27.8 million. BitARG has been granted a license to operate as a domestic cryptocurrency trading platform from Japan’s Financial Service Agency (FSA), making the deal far more financially viable for Yahoo to invest in.

Yahoo has also reportedly scheduled additional investments through alternative subsidiaries to support the development of BitARG throughout this year and next.

The deal is particularly significant as Yahoo Japan is one of the most popular websites used in the country, ranking as the fourth most visited website, while also being home to Japan’s largest online auction site. Yahoo itself is a top 40 website globally in terms of traffic rank; a tech conglomerate of this stature entering the cryptocurrency sector could be a significant benefit for the industry.

Similar ventures

Yahoo is not the first corporate giant to invest in the cryptocurrency industry; last week Monex, an online brokerage servicing Japan, confirmed a complete acquisition of exchange platform Coincheck. The cryptocurrency trading platform was experiencing an onslaught of criticism due to its poor security assurances that led to the theft of USD 530 million worth of NEM tokens.

Japanese bank SBI has plans to launch its own cryptocurrency exchange. As Japan’s FSA strengthens regulations around security measures for such projects following the Coincheck theft, startup projects such as this will have to prove they can comply with more stringent security checks.

 

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Yahoo! Japan to Launch Crypto Exchange

Yahoo! Japan has acquired 40% of the already well-established local exchange BitARG, hoping to open a full-scale exchange operation within 12 months.

All set to roll out in April 2019, the new exchange will be built upon the BitARG system. Yahoo! Japan is set to make additional purchases in BitARG, which will register with the Financial Service Agency (FSA), early 2019.

Yahoo! Japan made the purchase through Tokyo’s YJFX, a foreign exchange transaction subsidiary that operates foreign exchange transactions services. Its cost has been reported to be JPY 2 billion (USD 19 million) for a 40% stake in BitARG. Newly-issued stock has been purchased to cover any outstanding shares.

YJFX has already planned the next stage of this business execution, sending executives and engineers to be dispatched to BitARG, where they will look in depth into the systems and administration over the next 12 months till the official platform is launched.

A statement published by the FSA on Friday suggested Binance was being held under the microscope and was about to receive an official warning, given its lack of registration with the FSA.

Zhao Changpeng, Binance CEO stated: “No need to worry. Some negative news often turns out to be positive in the long term. Chinese have a proverb for this. New (often better) opportunities always emerge during times of change.”

This latest developmentcould give the community a clearer outlook on the future of cryptocurrency, but could as easily be the pullback before the market moves forward. The speculation is that imposing regulations could present opportunities for big conglomerates to buy in at low prices before a parabolic rise within the ecosystem.

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